Dogecoin is no longer a pup! The meme coin, after tripling in price, now has a market value of more than $50 billion, which essentially means that it has surpassed the giant UK bank, Barclays.
Color me surprised.
The popular cryptocurrency may have emerged as a joke in 2013, but it has a few good men pouring in good word for it. The result? It has tripled in value in the past 24 hours, and now has a market capitalization of $52 billion.
That puts it bigger than several major banks, such as Barclays, which has a market cap of just $44 billion. For comparison, Lloyds Banking Group has a market cap of $42 billion, Bank of New York also sits at $42 billion, and Credit Agricole is a step better at $43 billion.
The wild world of crypto, eh?
DOGE has rallied nearly 160% in the past 24 hours, and is trading around $0.37 at press time. It has climbed sixfold over the past week.
Its market capitalization has also surpassed Bitcoin Cash and Chainlink, and Dogecoin is now ranked as the fifth most valuable cryptocurrency. Its trading volume is now also higher than Ether at roughly $60 billion in the past 24 hours, versus $43 billion.
Important to note that the market capitalization of DOGE is based on an assumed number of outstanding tokens, but many of them are presumed to no longer be in circulation. For example, a storage service wallet hacking accident resulted in over 30 million missing coins.
That was in 2013, and the vanished coins were worth $16,000 back then.
Do the math yourself how much they are worth now!
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